Well-Safe Solutions Acquires Intervention Project Management

Published: Aug 09 2017
Deal Summary

Well-Safe Solutions Ltd, a newly formed oil and gas services company, acquired Intervention Project Management (IPM) Ltd, a provider of independent engineering, project management and consultancy services.

IPM is specialized in well intervention, including plug and abandonment, and production optimization.

Simmons & Company International Ltd. acted as financial advisor to Well-Safe Solutions in the transaction. The transaction enables Well-Safe Solutions to strengthen and optimize its service offerings.

Phil Milton, CEO of Well-Safe Solutions, said, “Well-Safe had the potential to become the standard-bearer for global P&A operations. The shift towards prioritising decommissioning activity, along with the number of shut-in wells, more incentives and current lower costs, makes P&A activity much more attractive. It’s the right time for Well-Safe to enter the market with a very compelling proposition that will deliver the complete package of collaboration, efficiency, safety and savings. I’m really excited to be joining the business at the out-set and bringing IPM’s experience to the development of an approach that will provide operators with the best and most cost-effective solution for their decommissioning liabilities and will offer UK plc a model that positions us as an exemplar for P&A activity around the world.”

Patterson, founder of Well-Safe Solutions, said, “The acquisition of IPM gives us an excellent foundation on which to build our business. More importantly, with the appointment of Phil Milton to head up our wealth of expertise and experience, we are firmly on-track to establishing our authority and credibility in the market.”

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